The United States and the European Union are ready to revise their trade relations that have worsened considerably during Donald Trump's presidency. The longtime allies have agreed to suspend $10 billion in mutual tariffs, which is the first step toward ending the trade conflict.
In a telephone conversation, European Commission President Ursula von der Leyen and US President Joe Biden stressed the importance of revising US-European relations. They are even ready to resolve the long-standing dispute between Airbus and Boeing. "This is excellent news for businesses and industries on both sides of the Atlantic, and a very positive signal for our economic cooperation in the years to come," Ursula von der Leyen said. The conflict over illegal state subsidies to companies became the reason for mirror sanctions or compensatory duties. The US and the EU have been trying to reach a consensus on this issue since 2004. Yet, it has remained in limbo for a long period of time. As a result, the Trump administration slashed tariffs on EU imports and kicked off a trade war between the allies.
Additionally, the United States is trying to warm up relations with the United Kingdom. From January 1, 2021, the UK acts as an independent country, not as a member of the EU. Earlier, the United States suspended the trade duties. The UK did the same on January 1 immediately after leaving the block. This decision was bitterly received by Brussels.
